Status of CryptoCurrency in ASIA

I consider myself as a passive Coin investor. If you know me, I came from the background of Finance. My first life was a corporate banker, broker and trader.

Though I left the finance world, I still remains active in the investing world. Besides investing in online business, my next hobby in line is to watch how DARK the blockchains are.

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As I have been reading up and participate in blockchain events, here is some gist I gather about Cryptos in Asia.

One of the thing I see in the Chinese Blockchain event in Singapore. Trust was spelt wrongly.

In the fastest growth of regions in the world, Asia is at the top and is the first place to be watched in the coming new generation. The virtual money, crypto coin, digital cash all the different names which you can give to one thing is referred to as a cryptocurrency. It is the same as normal currency which usually works as a traditional medium of exchange. The cryptocurrency is certainly stored in a digital wallet where transactions made are secured and easily verified using cryptography. Talking about legality the legal status of cryptocurrency usually varies from one country to another. Few countries do not have the legal right to use cryptocurrencies while few are changing their views on them. Overall the development of cryptocurrency is growing very fast and have played a major role in the development of many countries across Asia. There are different regulations in various countries as listed below:

CHINA:

Entrepreneurs in China have an interest in experimenting with new things with cryptocurrency however Chinese authorities have banned the ICOs (Initial coin offerings) and many other digital currency exchanges. Without the permission or government control, the cryptocurrency will fall into dangerous hands. Hence it will become an instrument for drug dealing and many other illegal activities. If there are any blogs or websites related to ICOs or cryptocurrency then they are being terminated or blocked. Speaking in simple words China is still not ready to adopt such technology and is not a place for the cryptocurrency. After taking the decision Chinese government actually had resulted in the phenomenon of varying and making the list of all those people who take part in overseas ICOs and might be banned forever to do any kind of business in China.

JAPAN:

Japan is becoming one of the biggest global centers for many cryptocurrency firms and is incredibly welcoming blockchain ventures. Japan is quite different when it comes to the aspect of bitcoins or cryptocurrency. Comparing to many other countries like China or India the use of crypto firms exists only in Japan making it very unique from others. Cryptocurrency is one of the most important things that make Japan a competitive country. The founder of bitcoins Satoshi Nakamoto and the world’s first cryptocurrency exchange Mt. Gox both were from Japan. Many companies make payment for their employees using cryptocurrency or bitcoins as Japan has basically increased the level of development and is currently focusing on the altcoins which are basically not so easy to access and basically is used for all sort of criminal activities.

KOREA:

Korea initially welcomes the cryptocurrency but many of the Koreans are very obsessed with the usage of cryptocurrency as its regulations have becomes so increasingly strict. However, demand for the cryptocurrency was very extreme in Korea and it gradually lifted prices in Korea almost by 50% even higher than those in America. But the regulations made it worse as none of the government officials, minors or even foreigners were actually banned from making any kinds of trade using cryptocurrency. Even after making any kind of restrictions by the government of Korean local traders are likely to find a way to keep buying cryptocurrency as there are always underground exchanges that take place. After the law establishment there where many rumors among the people that government is going to ban the usage of cryptocurrency but the government did think that it was not the right time to ban cryptocurrency.

INDIA:

India is very likely to make use of blockchain but when it comes to making use of cryptocurrency the situation is a little complicated. Moreover, the RBI has banned all the banks to deal or even provide a service to its customers who are dealing in virtual currency which are basically used for transferring many kinds of funds across the world by acting as a medium. It is not so clear what situations will arise in upcoming months as the cryptocurrencies are being challenged at the supreme court by RBI’s decision. However, the dealers of cryptocurrency are taking a decision to hire best legal advisors and accountants for finding an alternative way to continue the usage of cryptocurrency in India.

SINGAPORE:

When it comes to usage of ICOs then Singapore is one of the most popular places and is the 3rd largest hub in the entire world. When it comes to the more cautious trading of cryptocurrency then Thailand is considered to have more digital assets. This was basically done to prevent any criminal activities or drug peddling through cryptocurrency. Many countries have a bad opinion about cryptocurrency making them think that it may harm their country. If used properly then Cryptocurrency can entirely change the view of technology and take the level of trading to another level but due to its misuse, it has been banned in many of the countries for security reasons.

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Author Jon Ng

My name is Jon. I started internet marketing since 2007 and have set up and sold off many websites and mobile apps. Here at SingaporeDigitalMarketing, we write about some of the best tactics and strategies to push your online marketing initiatives. We have created numerous digital applications over the years and have grown them into crazy money making assets.

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